The bearish pressure on the cryptocurrency market at the end of 2021 will continue until the first week of 2022 after the rise in the price of Bitcoin (Bitcoin) Fell below 47,000 USD On January 1, the asset still faced strong resistance on the shorter time frame chart.

Data from Cointelegraph Markets Pro and Transaction view It shows that after climbing above US$47,500 at the beginning of the new year, the price of BTC came under pressure on the afternoon of December 3. Currently, the price has fallen to $46,500, and the bulls now want to defend.

As the global economic system continues to fight against inflation, let’s take a look at the opinions of several analysts in the market on the way forward for Bitcoin in 2022.

BTC needs to withdraw support at $48,670

Cryptocurrency trader and pseudonym Twitter user Rekt Capital analyzed the weekly price performance of BTC. Post The chart below highlights the main support and resistance areas of $48,670.

As shown in the figure above, according to Rekt Capital, “BTC has successfully retested the black diagonal as support” and “has been doing this for three consecutive weeks”.

The weakness at the beginning of the year placed BTC below the established support area highlighted by the red horizontal line. Rekt Capital believes that this is a potential target worthy of attention in the near future.

Rekt Capital said,

“However, the recent weekly closing price means that the red horizontal line (~48,670 USD) has lost support. BTC may rebound soon in an effort to recover the red as support.”

Keep an eye on US$46,000 in the short term

Analyst and Cointelegraph contributor Michaël van de Poppe also addressed the current weakness of BTC. He posted the following tweet, suggesting that the refusal of $48,000 may cause the price to fall below $46,000.

#Bitcoin It was rejected at a price of $48,000, through which it was still seeking support to be hit.

View the area for $46,000. pic.twitter.com/z0v88Ls58v

-Michaël van de Poppe (@CryptoMichNL) January 3, 2022

Although Bitcoin is struggling in the short term, the long-term prospects for many investors remain bullish. Including analysts and anonymous Twitter users GalaxyBTC, Post The chart below outlines the possible breakthroughs in the first quarter of 2022.

GalaxyBTC said,

“The BTC outbreak is only a matter of time. The longer it takes, the harder it will be to skyrocket. The first quarter only rose.”

related: Wharton Finance Professor calls Bitcoin the new gold for millennials

By March, the bullish cup and handle form suggesting the moon

This positive future outlook for BTC expressed by GalaxyBTC was echoed by cryptocurrency trader and anonymous Twitter user Bobby Axelrod. He released the following chart, which outlines the predicted trajectory formed by the cups and handles on the Bitcoin chart in the coming months .

Bobby Axelrod said,

The “handle” finally looked like this: $58,000-$60,000k in mid-to-late January; it fell back to $48,000-50,000 in the first week of February; ATH was retested at the end of February or early March; a slight correction in early March followed by the Rockets.”

The overall cryptocurrency market value is now $2.234 trillion, and Bitcoin’s dominance rate is 39.6%.

The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.